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Weekly NFT & GameFi Update (Week 7, 11/02/2023 - 17/02/2023)
Ordinal NFTs triggered a surge in user activity on Bitcoin. NFT marketplace Blur airdropped 360M $BLUR tokens. Video game giant Square Enix partners with Polygon.
New Project Spotlight
[COMING SOON] “The Art of Giving II'' is an initiative by Crypto.com to support humanitarian aid in response to the Kahramanmaras earthquake, where all proceeds from the drop will be donated to the cause. The project goes live on 21 February 2023.
[COMING SOON] "Mystical Nature" is a collection by Rank SSS, a motion designer and 3D artist from Algeria. Dropping on 20 February, it features strange hidden worlds that belong to a different dimension, where multiple layers of reality meet and connect.
[COMING SOON] Snook makes plans for multi-chain compatibility in order to enable more players to access the game. It is a multiplayer, Snake-like game where players’ performance can directly affect the in-game NFT assets’ face value.
The following table shows select top collections (by weekly sales volume on each platform) and a sample of their art:
The following table shows select top games by weekly Unique Active Wallets (UAW):
Gaming Token Performance
The total market cap for gaming tokens now stands at US$11.81 billion, up +8%from last week.
Ordinal NFTs have triggered a surge in user activity on the Bitcoin blockchain, with Bitcoin miners earning US$600,000 in total transaction fees. Since the launch of Ordinals in December 2022, users have inscribed a total of more than 124,000 NFTs.
The trading volume of NFT marketplace Blur's token reached $500 million after its recent airdrop. BLUR has a total supply of 3 billion tokens, of which 360 million were claimable by eligible users. The governance tokens allow holders to have a vote in the protocol's direction.
Square Enix, the Japanese video game giant behind popular games like Final Fantasy, is partnering with the Polygon network to launch a gamified art collecting experience. The project, titled Symbiogenesis, is built around digital collectible art that is tied to a storyline in a virtual adventure.
Recent Research Reports
Research Roundup Newsletter [January 2023]: In our latest issue, we feature market insights and our research on artificial intelligence trends, the rise of AI-generated content, and their applications in blockchain and Web3.
Alpha Navigator: Quest for Alpha [January 2023]: Crypto outperforms other asset classes in January by a large margin. BTC options put-call ratio are at a yearly low, implying a positive sentiment shift.
AI-Generated Content and Applications in Web3: Artificial Intelligence-Generated Content (AIGC) has taken the world by storm recently, with popular applications like ChatGPT and DALL-E. We analyse its potential applications in Web3.
The information in this report is provided as general market commentary by Crypto.com and its affiliates, and does not constitute any financial, investment, legal, tax, or any other advice. This report is not intended to offer or recommend any access to products and/or services. While we endeavour to publish and maintain accurate information, we do not guarantee the accuracy, completeness, or usefulness of any information in this report nor do we adopt nor endorse, nor are we responsible for, the accuracy or reliability of any information submitted by other parties.
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The brands and the logos appearing in this report are registered trademarks of their respective owners.
Nothing in this report is intended to suggest that NFTs are investment products, nor securities, nor anything similar or “financial” of any description. NFTs are to be reserved for fun only and NOT with any expectation of “value”, “profit”, “yield” or “investment”. You are also aware that NFTs are not a store of value, are not a generally accepted medium of exchange, and are considered very illiquid and volatile.
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